The aim of this overview is to outline the main features of starting a business in one of the most favorable places for entrepreneurship — Dubai, the UAE.
The Government of the Emirate of Dubai works relentlessly to create attractive conditions for both small and large-scale companies. The pro-business legislation opens door to stable inflow of foreign investments.
Prior of making a decision on starting a business in Dubai, research of the existing market should be done. The first step is creating a well-thought-out business plan. Defining the level of competition and estimating possible revenues will provide a basis for developing a clear financial plan.
New companies normally are not financed by local banks in the UAE. Therefore you should keep in mind that the entire expenditures related to starting a business will fall on your shoulders only.
Receiving the necessary visa is an important stage of organizing your activities in the country. It is advisable to choose a visa that allows you to live and work on the territory of the Emirate of Dubai. As to the foreign employees of your company, they should be provided with the respective employment visas which must be issued over your UAE company.
It is important to choose the most suitable type of company that will meet the requirements of your specific business. The Dubai Law provides the option for three types of companies permitted to be opened on the territory of the Emirate:
- local mainland limited liability;
- onshore free zone;
Starting a business on the territory of a Free Trade Zone will give an opportunity to become a 100% owner. Engagement of a local partner in this company type is not mandatory. Besides, your business will be completely exempted from import and export duties, taxes and restrictions on the in and out transfer of capital.
If you need to start a business right now and have no time to deal with setting up a company, you have a possibility to purchase an existing firm. However, you would have to inspect all the options in order to choose the most suitable one with the appropriate value-for-money ratio. You would also need to make the entire due diligence of financials of such existing company and request other documents proving the good state of a legal entity.
The Arab world is known for its centuries-old trade traditions, which are reflected in the existing business environment. Arabs are sophisticated bargainers and use supreme methods of carrying on profitable business.
Be attentive and take your decisions rationally, as you will not receive a direct acceptance or rejection of your proposals, but you will be given a chance to offer conditions beneficial for all parties involved.
Such behavior may seem strange for inexperienced foreign entrepreneurs. However, you have nothing to concern about, as you will definitely establish new company networks with friendly entrepreneurs, who will potentially become your long-term business partners.
Do not hesitate to start your business in Dubai. The Emirate welcomes all first-time and experienced entrepreneurs, who are ready to achieve their aims. Starting a business in Dubai, the UAE is a right way to get the real life experience and to establish a profitable company. Get accustomed to the specifics of the region and operate in a business-friendly environment.
As mentioned above, setting up a business in Dubai requires a complete understanding of all the specifics of carrying on business in the Middle Eastern country. Our company possesses vast experience in managing different legal corporate issues. We provide complete assistance and full support during all the legalities of starting your business in Dubai, the UAE.
Important note – we do assist with your company formation and licensing as well as residency visas. However we can not advice on the type of business you shall choose in the UAE, neither provide any support in developing the commercial activities as such.